GOVERNOR MARTIN O’MALLEY URGES CONGRESSIONAL DELEGATION TO INCREASE SMALL BUSINESS LENDING

Governor’s online economic update focuses on strengthening Maryland small businesses

ANNAPOLIS, MD – Governor Martin O’Malley released the second in a series of weekly online economic updates, where he focused on the need to strengthen Maryland’s small business community, which employs 1.2 million people in the State. During the address, Governor O’Malley acknowledged having sent a letter to members of Maryland’s Congressional delegation this week urging them to support efforts to use existing TARP funds to increase small business lending.

Governor O’Malley’s economic update for this week can be viewed here.

“TARP funds have been used successfully to help high profile banks that serve Wall Street. It’s time that our federal partners recycle those funds back into the economy by supporting small businesses that serve Main Street,” said Governor O’Malley in the online economic update. “Your state government continues to do all we can to engage our private sector, expand opportunity throughout Maryland, and strengthen the ranks of our middle class including our family owned businesses.”

The Governor also noted the recent merger announcement between Black & Decker and Stanley Works, resulting in the moving of Black & Decker’s corporate headquarters out of Maryland. The Governor spoke this week with John Lundgren, Stanley Works CEO, who assured the Governor that Black & Decker’s power tool division would remain in Maryland along with the jobs it supports.

Finally, in the wake of national unemployment topping 10 percent, the Governor reiterated the State’s pledge to expand opportunity to small businesses, illustrated by a ten point strategy the Governor presented before the Maryland Chamber of Commerce last week. Maryland unemployment rate of 7.2 percent has remained consistently below the national average.